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up a clean... they're going to send us a clean debt ceiling bill. the other stuff on it will athat when we need to. i'm glad we're not facing crisis here in a matter of a few days. >> sreenivasan: president obama said he wanted a longer-term extension of the debt ceiling. but a white house spokesman said today the president will accept a short-term bill if it reaches his desk. without an extension, the government could run out of money within a month. a deep freeze lingered in the upper midwest today with temperatures dropping in some places to minus 30 fahrenheit. wind chills made it even worse. across the region, people bundled up to face the cold, and some schools closed. frigid arctic air swept down from canada last saturday. authorities attribute at least three deaths to the weather so far. american military transport planes have joined the french effort to repel islamist rebels in mali. pentagon spokesman george little confirmed today that u.s. c-17's have flown five missions to the african nation in recent days. they ferried more than 80 french troops and 120 tons of equipme
. thank you. >>> as we near the debt ceiling, what does washington need to do to get our nation's finances back on track? joining us now from new york is republican senator rob portman. a member of the senate finance committee, and budget committee. rob, it's good to see you. >> thanks for having me on again, my friend. >> you're welcome. you saw the -- the press conference yesterday, i guess? >> i did. i was surprised. >> tell me why. >> because the president's ignoring the big issue. i mean, he is misleading folks about what's going on here. he's saying we ought to pay our ibms. of course we ought to pay our bills. that misses the point. the point is what are the bills going forward going to be? i mean look we're $130,000 now per family in debt, record levels as you guys have talked about already this morning. if we don't deal with this crushing debt we will not be able to get the kind of economic recovery we all hope for. it's generational theft for future generations. the president says let's extend it and give me a blank check. the point was made in the press confidence, which i thoug
and again washington will work these things out, they will figure out the debt ceiling. are you now bleaker in your outlook because of what you have heard yesterday? >> i think we will get a debt to income because republicans poll numbers are so terrible. the last thing they need is another pr debacle so they will cave on the debt ceiling i'm quite convinced. sequesters different from the republicans can demand some offset in spending cuts, so we will have a big debate on new spending restraint in the next month or two. dennis: if you heard the president's speech yesterday, i didn't hear the word deficit hardly at all. i did not hear about the growth of the economy, just everybody makes sure they have to have a chicken in every pot. >> you can be guaranteed on the state of the union address in on the 12th of february he will talk about new investments, high-speed rail, that means spending and it is not going to happen, nowhere in the world that can get through the house. dennis: thank you for being with us today. cheryl: president obama tries to push through his agenda for the next four yea
mitch mcconnell continued to link the debt ceiling increase to spending. in a statement he said the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. house speaker john boehner also ignored his obligation to pay the nation's bills and also complained about spending. the american people do not support raising the debt ceiling without reducing government spending at the same time. they speak so confident, don't they? it's almost as if they forgot all about the spending cuts the president already gave them over a year ago. well, let's try to help them figure it out a little bit with a little visual and audio assistance. >> over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion into new revenue, by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two year
it in the context of the debt ceiling. >> do you believe that the fed could prevent future asset uploads? -- doubles -- bubbles? what tools do have to do that? >> it is difficult to anticipate. we can do some things. first of all, we can try to strengthen our financial system. by increasing the amount of capital and liquidity the banks hold. by improving supervision of those bank. by making sure that every important financial institution is supervised by somebody. there were some important ones during the crisis that had no effective supervision. you make the system stronger. if a bubble or some problem emerges, the system will be better able to meet -- be more resilient. youth and try to identify bubbles. there has been a lot of research on that. we have created a council called the financial stability oversight council. it is made up of 10 regulators and chaired by the secretary of the treasury. one of whose responsibilities is to monitor the financial system, as the fed also does, and identify problems that emerge. you are not going to identify every possible problem, but you can do your best. yo
, but the house is going to vote just next week on raising the debt ceiling, at least temporarily. is there a real chance we won't need to wait till the last minute for a deal? we will have the latest. david: interesting novel concept. plus, reaction from a member of congress who is looking to say good-bye to the debt ceiling all together. that representative is going to be here for a debate coming up. liz: while the battle wages in washington, you could be profiting. i mean, listen, come on, don't wait. find out how you can trade the debt ceiling. there is a way. keep it right here on fox business. ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket scienc
'd rather have a fought over the debt ceiling in three months, i don't have a problem with that, i need to hear that commitment, they've been asked and they're going to be asked again today at the conference meeting, to make the commitment that we're going to be on a path to balance in 10 years. if they're willing to fight with us on that, i think i an stand with them. >> thank you. you talked about this 10-year balance, you've also talked about the sequester for things like holding the line on the sequester. what specifically does that mean? does that mean you're going to hold the line on a set of principles to try to replace those cuts with other cuts, or are they just going to let the sequester take effect? what's your understanding? >> the numbers with the sequester is either sticking to that number so letting the sequester take effect or replacing the cut in the military and other programs with other cuts that get us to 974. so we're -- if you're ticking to the -- sticking to the 974 number, which i believe was the r.n.c. number last year in our budget but that's what it means to m
that the debt ceiling raising will give them the leverage that they need to get what they want when it comes to spending cuts. the president hopes though that he can by delegitimizing this idea of having the debt ceiling as a debate, have them have no leverage going into the deficit-cutting discussion or at least a lot less leverage. >> bill: the other big topic, the only other topic actually raised at the news conference yesterday other than whether or not you elect a party, president likes to have a party. was the issue of guns where the president was not specific because he hasn't seen -- or wasn't ready to list all of the recommendations that may have come out of the biden task force. but the president did express and repeat his resolve to do something about this issue of gun violence. no doubt about that, was there? >> no. while he put off getting into the details a little bit, he was pretty specific in what he was looking for. the assault weapons ban. and the prohibition on high-capacity magazines. those are two things that we're expecting will be part of the proposal that the presiden
along, the debt ceiling, which -- we don't use that tool, either and apparently we don't use any tool it takes to get our credit situation where it needs to be. but, passing a budget would be a big moment and i'd like to see us do that. >> chris: let's talk about a couple of the tools you could conceivably use. and that raises the question, when should republicans make their stand on spending cuts? some people are saying, do it on march 1st. when the automatic sequestration cuts, $100 billion, for the next year, would kick in and that you use that as an opportunity to demand the spending cuts. others would say, march 27th, when you run out of money and the government would shut down. is there a point, there, that you see, when you think congressional republicans, house and senate, could say here's what we'll demand, serious spending cuts? >> well, i think all three of the points, the two you mentioned and later, either right now, at the end of february or if we kick it forward to the end of april, the debt ceiling itself, they all become moments to talk about spending sequestration, i
a clean -- they are going to send us a clean debt ceiling bill. the other stuff on it, we'll approach it when we need to. glad we're not facing a crisis here in a matter of a few days. >> at the white house, jay carney signaled president obama would sign it. >> it still has toover come concerns expressed by member of the hus and the senate before it passes both chambers to reach the president's desk. if it does and it reaches the president's desk, he would not stand in the way of bill becoming law. >> so it appears that pressure is building on senator reid to act. meanwhile late today, sources say speaker boehner told g.o.p. members behind closed dors the house budget chairman paul ryan is working on a budget plan that would balance within ten years. boehner says he applauds that goal and shares it. >> bret: mike emanuel live on the hill. thank you. more than 24 hours after promising to respond to the threat of climate change, president obama has something else to respond to tonight. nebraska's governor approved a new route for the controversial keystone oil pipeline to put the ball s
that's a debt ceiling, whether that's gun control, whether that's immigration, but as long as you're not on record supporting it, you won't be in danger of getting primaried in 2014, and all is well. sdmri think that's a great point that jonathan made there, and i have heard a lot of other reporters who have been talking to people about the debt ceiling and the sequester fights saying we're going down the road of doom, the country is going to default. you know, boehner broke the hastert rule once because of larger necessity, and i don't think that doing that makes it any less likely is he going to do that. i really do think these guys as long as they get to take the vote that they want don't really necessarily -- this doesn't stand for all of them, but as a group they don't necessarily care. >> jonathan makes the point that on the sandy relief bill they did the same thing, which was register opposition, pass it with democratic help. i feel like that is sort of under mining short-changes thinking republicans, which is to say can you do this for two years? basically register opposit
with them on the debt ceiling. today they recognized that they were not going to get that. and today the republicans caved. and the vix was very happy. at this point, the republicans are still trying to hand contingencies on this. they're still trying to say, they're only going to cave for three months, and then they'll be back to demanding negotiations again, but essentially it is over. president obama called their bluff. business interests, markets, people that make decisions that contribute to this would blame them if they screwed up the country's economy again on purpose like they did in 2011. they have shown that they care enough about that to avoid that eventuality. they will no longer be able to make that bluff again, in three months or ever. so today they are saying, ah, three months, we're going to be back here, but nobody believes them. this weekend, the other thing that's happening in washington is the obama campaign legacy project. 4,000 obama campaign volunteers and supporters will be meeting this weekend at a hotel in washington, with the top brass of the obama election
. >> well, good luck with tha >>> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and water not a dead beat nation. >> sounds simple, doesn't it? but like so many other crises and standoffs from the past two years, raising the nation's debt ceiling is a zero sum props. somebody wins only if somebody else loses. we're speaking of of course politically here, not financially. economically it's hard to find any winners if the treasury can't close the budget gap. runs about $100 million every month. my next guest worries about it a lot. signor partner and managing director of the boston consulting group and author and columnist. so this becomes tricky for people tound, but essentially the debt ceiling, is it the kind of tool that anybody should be used in order to force people to be more austere in the way they spend in the future? >> well, it's a way to do it, but it's a very dangerous way to do it because we start playing with everybody in our economy eye lives. so if we hit the debt ceiling and we don't have a bill that changes
to address. but they do need to address that. the way to do it is not for threatening default for the debt ceiling. >> david, thank you for joining us. david riley joining us there from fitch in london. >>> a little less than three hours, what the meeting might mean for the facebook stock. we have a buy rating on facebook and price target of 32. welcome back. >> thank you. >> sounds like you think between phone and some kind of new engine, probability is probably on the engine side, right? >> that's what i'm thinking. although as you know, the media's been speculating quite hard that it's probably a facebook type phone or operating system. i just think that mark zuckerburg has been pretty clear that search is pretty big for them. i think it makes a lot more sense for them to go after that business. >> what do you think it would look like, how would it work, and what can it do to their share of mobile ads in this country? is it likely to take anything away from what google has already put together? >> the way i'm envisioning this is they would make search much more relevant and much more ap
, decides it's an of important thing. and president obama used to hate the debt ceilings. it's time to build something that controls the deficit properly and not arbitrary. >> brenda: toby, doesn't this basically give a blank check to washington saying we don't need a limit. at least when we have a limit we're forced to look at that number and realize how much we're borrowing. >> if that logic were true, they wouldn't have passed any of the spending stuff. first off, two countries in the world, united states and sweden who have a debt ceiling. people got rid of it, because what jonas is saying, it's political. and the second issue is, i don't want our economy held hostage and run by washington, right now, the buffoons in congress have more power over the economy with the, you know, stupid idea. if we give them this type of power we've hurt ourselves, kick the power away as far as i'm concerned. >> isn't this a dangerous way to enforce fiscal discipline? shouldn't we be doing it because we have a budget and stick with it like most americans have to? >> well, we do have a budget, but the budge
could reach its lmit in mid february. "raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up, and we need to pay them." president obama warns that if the debt limit is not raised or used as leverage by republicans, markets would go haywire, interest rates would rise, and checks to military veterans and people on social security would end. gop senate minority leader mitch mconnel reponded by saying, "the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it." traders will get their first opportunity to react to comments at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in the economy. bernanke made the comments during an appearance at the university of michigan. nike
's is relatively high. and they needed to move the debt ceiling off the agenda, and not gamble with the full faith and credit of the united states. >> let's talk about the republican -- we were talking about the republicans. let's talk a little more about the republicans. >> yeah. >> for the next four years. they don't seem to have a national leader. more a cohesive voice. >> yeah. >> what is their strategy for the next four years? >> look, their national leader will emerge as we get closer to the presidential elections. but you're right. they have as john boehner likes to say, they have just this -- they have the house. one half of one-third of what controls washington. so boehner is a national leader. you have mitch mcconnell, minority leader in the senate. but they don't have the platforms that the president of the united states has. on the other hand, they do control the house of representatives. and if -- a fiscal resolution to some of the fiscal issues. >> they don't agree on any of those issues, though. >> not at all. so what's -- how does he move his agenda through this congress, right? wh
nothing and there are also no meetings even planned regarding the debt ceiling and the inevitable issue that is are faced by those who need to make the decisions for us. >> yeah. we have got this triple deadline coming up. and nobody -- everybody says they don't want to do it at the last minute the way we did with the fiscal cliff but nobody seems to be talking about it yet. you don't have negotiations started. granted we are in a bit of a holding pattern with the inauguration coming up and maybe things start to happen after that but nobody seems to be jumping in proactively for a solution to these issues that are coming up and that's because they're tough decisions. they're hard. and nobody has something that is universally palatable ready to off offer. >> with that said, will we see a separation of spending cuts the republicans say they want to desperately and separate it from the debt ceiling? as the president said, you can't run out on a meal you have eaten. this is not new debt. this is bills we have acquired. the government and this country must be obligated to do the same. >> wel
's on the debt ceiling? guest: the debt ceiling is set to expire $6.4 trillion. we need to raise the nation's are one limits. republicans do not like that idea without having spending cuts. they have come up with a plan to extend it for a few months until may. if the democrats in the senate have not reduce a budget with spending cuts, they will set aside the pay of members of congress. it is a tricky maneuver on their part. their goal is to get senate democrats to pass this. the senate has been unable to pass a budget for the past four years. it will be a days off between the parties over the debt limit. we will get a good look at that legislation. host: senate democrats said they will pats a budget. guest: it may not include the spending cuts republicans are looking or. host: larry, san diego, democratic caller. caller: i disagree with your host that after 18 months or two years obama will no longer be effect it. -- effective. when that the house. he may be able to do more in his last two years and his last four years. guest: if the democrats can take back the house and picked up some seat
saying we'll have bitter fights perhaps debt ceiling shutting down the government, perhaps begun control. they will be tough fights and the american people need to be ready for that. >> john: george, it seemed--what are your thoughts on that before i move on. do you think that was a pretty direct calling out of mitch mcconnell and the republicans? >> yes, look over the next few months we'll we you'll have a big fight over the sequester the funding of the government and the debt ceiling. i think he's trying to pull out the weeds of that because none of it is the soaring lofty rhetoric. i think he's trying to push past that mess to what he would care to do. >> john: alex, after seeing how large a role the hispanic vote played in the 2012 election and how poorly mitt romney played to that demographic. let's not forget his univision appearance what i call gringo star. >> they may need to work out what the messaging is going to be on this site. if they don't you can bet the democrats will use it in the the 2014 midterm. you remember in 2010 when democrats could not get the minority voters out
of the public to entertain part of this now about same as take the debt ceiling of the table for the next four years of bitter debate entitlement reform package. what do you need to see for young colleagues on the democratic side to say a right to engage in the conversations that the other side is insisting on with entitlement. >> first of all, we have to take the debt ceiling off the table for a considerable time. secondly, regarding entitlement reform, let's take medicare. there have been two changes in terms of medicare and its future. number one is that the rate of health care growth has been diminished in the rate of medicare cost increase. but it's also been diminished. that's the first consequence of the first events of the last three years. secondly, we have health care reform, which i think has accelerated to two munition and help your cost increase. what i think we need to do in terms of medicare is for both parties in both houses and the white house to sit down and have a serious discussion about how we continue to get ahold of medicare and other health care costs. we really need to
on the debt ceiling? the debt ceiling is set to expire, 16.4 trillion. so we need to raise the nation's borrowing limit in one way or another. the republicans don't like the idea of doing that without having commensurate spending cuts. they have a plan to extended until may. and then if the democrats in the senate have not produced a budget that includes spending cuts, they will set aside the pay of members of congress. so it is a tricky maneuver on their part. their goal is to get senate democrats to pass a budget that includes spending reductions. the senate has not been able to pass a budget for the past four years. democrats will resist the idea of any kind of spending cuts. it's going to be a real face-off between the two party is over the debt limit. tomorrow we will get a good look at that legislation. host: senate democrats have said they will pass. a pass guest: but it may not include spending cuts republicans are looking for. it's not necessarily an agreement. it might seem so on the surface. host: larry in san diego, democratic caller. welcome to the conversation. caller: t
the country hostage. we know there's going to be a fighter for the debt ceiling. in the past that feeling with a speed bump that reminded folks who are borrowing too much and needed to make changes. it could be a useful reminder. not because of sars are people really worry about the fate of the u.s. government and its economic damage, which is what we saw last time. the third piece, the fact government spending is going to expire in the triple witching hour of these issues is if this will close and is that going to force action of the hardest pieces still remaining for the fact that they still for all intents and purposes, it's good we didn't go to the fiscal cliff, good release revenue, but we basically did what we always do, which is punted the hard choices and try to declare bipartisan victory. it wasn't there. the question as to make make these next moments were set to getting us to really take on policies. and this is part of your question that will do it the necessary savings the next 10 years, but just as important or perhaps more, put policies in place to bring savings down gradua
think we should abolish the debt ceiling. i don't think we can have this conversation every couple of months. the american people are tired of going from one manufactured crisis to another instead of solving our real problem like job creation. that's something people want congress to focus on. there is a reason they have a 9% approval rating, because they're not attack the real problems that we haves a nation. >> rick: trey? >> kristy, what's wrong with asking the united states senate to do their job and pass a budget by april 15? what's wrong? >> the answer is that again, you need 60 votes to pass a budget. when you actually need the help, you either need 60 vets or you need basically the help of the house. essentially democrats need the help of republicans. they've not gotten that heaven on a great many number of issues. so i think it's cynical to assume they're going to suddenly be all cooperative on this issue. >> rick: real quick -- >> i would argue that with a spending addict, you're not going to give them any more money or allow them o borrow more unless there is some commit
, is for congress to do what it is supposed to do and needs to do and authorize an increase in the debt ceiling soon compare our debts and bills . that is the right way to do it. and the i think that is what will eventually happen, but i don't think that going off in another direction would really be all that talk -- all that helpful. >> hello, chairman bernanke. i am a second year in pp at the force cool and studying for a graduate certificate in science and technology. second question from the audience, does the debt ceiling of a practical purpose? could it be eliminated without much consequence? >> does what have? >> the debt ceiling. >> it does not really have. it has symbolic value i guess, but no other country, i believe, maybe one or two other, but no other countries in the world have this particular institution . to so everyone understands what is, the congress appropriates $100, tells the government to spend $100 on whenever and then it raises $80 in revenue through its tax code. now, the arithmetic here sort of says, you have to borrow $20. shephard -- the congress has to give a third rule
that republicans are putting a short-term debt ceiling hike on the table. short-term debt ceiling hike. but here's what i'm not hearing and what we should be hearing is an unambiguous plan to splash spending now. republicans need an absolute rock solid plan to implement the sequester which is $1.2 trillion over the next ten years. this is essential. not just to unite the republican conference. but more importantly, it's essential to helping the economy grow more rapidly. and if the republicans don't get it done, i'll say this. they may lose the house in 2014. so let's talk with karen finney. who's a columnist for the hill and former dnc communications director. and hadley heath, senior policy analyst at the independent women's forum. hadley, this paul ryan, he went out and met with reporters. republicans are in the retreat down in williamsburg, virginia. maybe they'll use a short term increase in the debt ceiling maybe three months or six months. is that the point? how does that inform you? does that get to the heart of the matter? >> it certainly doesn't get to the heart of the matter. if we re
over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and the question is is it going to force action with the hardest pieces that are still remaining were the fact when it comes to the fiscal clef they still for all intensive purposes it's good we didn't go over the fiscal cliff, it's good we raise revenue, but we basically did what we always do in washington which is we punted all the hard choices and a sort of tried to declare a bipartisan victory. but it wasn't theirs of the question was what's going to make these next action forcing moments more effective in getting us to take on the policy and this was a part of your question that will deal with the necessary savings for the next ten years. but just as impo
strategy wonderful the debt ceiling is to split fracture and therefore neuter republicans in the house because that is all that stands between him and total dominance of washington in his second term. he wants a return to 2009-2010 when he had control of both houses he had a super majority in the senate. huge majority in the house. and revolutionized healthcare and passed the biggest spending bill the stimulus in galactic history. that's what he wants. the only way to do it is to do what he is doing and it already worked with the fiscal cliff fractured the republicans. who was in charge of the last vote? nancy pelosi, the democrats. she got 9 out of 10 to go with her. a few republicans. she controlled the agenda. that's his strategy. >> bill: it's working. and i don't know whether it's going to work down the road but he has two huge things going for him. the media behind him, all right. so think are going to support what he does generally speaking on the networks news level in the major urban newspapers and wire services like the associated press. he has got all of that favorable push.
, you need an ally. ally bank. your money needs an ally. >>> welcome back. maybe we won't hit the debt ceiling next month after all it. appears house republicans are considering a plan next week to extend the deadline, at least until the spring. our chief white house washington correspondent john harwood now with the story. john? >> reporter: maria, an interesting development that reflects republicans' awareness that they have the short end of the stick in terms of bargaining power with the president who has just been re-elected and with congress as our new nbc/"wall street journal" poll showed is only at a 14% approval. he's at 52%. here's what the house republicans are going to put on the floor next week and try to pass. it would be an extension of the debt limit, a rise in the debt loimt that would take us through april the 15th. it would be on condition that the house and senate both passion a budget which they are supposed to do under law by that point anyway, and finally it would take an approach of no budget, no pay if the congress refused to do that. here's the response from se
to the fact that they've moved off the fight on the debt ceiling a few months. he believes he can deal with them and, as you heard, get some kind of grand bargain. i need to be convinced of that, wolf. >> part two of your interview coming up later. >> he tells us, how does he know when the president is mad at him. >> interesting to see that. thank you. good work. >>> in a moment, the latest on the breaking news we've been following a shooting at a community college in houston, texas. there's going to be a news conference from the sheriff there. we'll update you with what is going on. humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where, if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. and if you get into an accid
. >> president obama did not vote for increasing the debt ceiling in 2006 and most republicans had no problem increasing it while bush was in office. those are the two facts you need to know about what everybody is saying about the debt ceiling. >> we have kayla here. thank you for this. rick, thank you for this. kayla is here listening to the jpmorgan media conference call and has details. >> i hate to break this up. i guess i have to. we're just getting off the media call, the new cfo for jpmorgan, marianne lake joins jamie dimon and the favorite topic the london while, jamie saying the impact of the whale pretty much played out at this point, we're at the end of the way with it. and his pay, the board had a quote tough job. you were talking about how the board posted record profits yet again. are you compensating him on the performance or whale and said the board had a tough job there. he went on to say they won't be disclosing a full end stopped number for what the loss were, 5.7 billion plus or fine nuss fine -- minus $7 million. housing last quarter was his famous line saying the housin
are not a dead beat nation. >> in a statement john fwhier says the consequences of failing to increase the debt ceiling are real so, too, are the consequences of allowing our spending problem to go unresolved. republican senator mike lee of ue ah taw says the government needs put into place structural spending reform because simple spending cuts will no longer do the job. we are going to face another credit downgrade i fear because we will face it again without think being the way paushiwashi spends money. >> he is willing to work with republicans to reign in spending. he wants to conduct those talks separately from the gop to raise the debt ceiling. he hopes by doing so he can avert a first ever national default. >> kelly wright live in washington. thank you. >>> it is time to take a look at who is talking. another big battle on capitol hill of course. the gun control debate. joe biden announced his task force regulations. we are hearing from one congressman who has a personal connection to this. >> despite the mash shoot something representative barber says he still supports the second mained
to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead officemax has exactly the ink... your business needs... at prices that keep you...out of the red. this week get a bonus $15 itunes gift card with any qualifying $75 ink purchase. find thousands of big deals now... at officemax. ♪ music kids will spend 15 minutes watching online videos like this one. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ . melissa: so moving onto another budget fight and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching washington fight over it? maybe we should get rid of it. here is susan occhs, american banker columnist and former senior advisor to president obama and stephen hayes, "weekly standard" and fox news contributor. i will ask you both and, susan, start
the "state of the union" and see the budget. but republicans decided not to make the debt ceiling a big issue. was a three budget extension and a month supporter of no pay with no budget but we need to focus on spending. it is a problem but we do need more investment was critical infrastructure but they have to be coupled with a concrete and forceful proposal to deal with deficits. neil: hope springs eternal as they went to the party of president has been reelected to undo what bill clinton tried to do not big government as the enemy but efficient doing the will of the people without wasting the money but this president might be the most liberal since fdr not to know if his way is the right way but it could be his way or the highway. we will see you tomorrow.
, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief executive's criticism. senate minority leader mitch mcconnell said in a statement the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. and speaker of the house john boehner said the consequences of failing to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't require legi
need something with big numbers in order to -- [inaudible] more or less it's probably a smaller debt ceiling increase. and they also need to decide what to do about two other fiscal cliffs that are looming, the $85 billion in sequester cuts that had been put off for two months for the fiscal cliff deal and also the continuing resolution, government funding runs out march 27th. and if a bill's not passed, the government will shut down. now, some thought that republicans would be more willing to use that weapon to try to force cuts because a government shutdown is several orders of latitude less serious than a debt ceiling default. but, you know, behind the scenes appropriators have been working out their differences, and they could act quickly if leadership decided they didn't want to use that weapon to sort of pass the bill. >> l and finally, eric wasson, you report that the white house has sold paul ryan, the house budget chairman, that its budget will be late, missing the deadline. why? >> guest: that's right. already we're supposed to be starting the 2014 spending cycle, and the b
thing. >> bret: may not be the debt ceiling. >> it could be the sequester with the forced spending cuts in law to take effect. republicans live with the defense cut it's not that -- they can live with the other cuts. >> bret: journalist has historical perspective on the fun control effort. up next, gullible or culpable? the fake girlfriend of college football superstar. so...how'd it go? well, dad, i spent my childhood living with monks learning the art of dealmaking. you've mastered monkey-style kung fu? no. priceline is different now. you don't even have to bid. master hahn taught you all that? oh, and he says to say (translated from cantonese) "you still owe him five bucks." your accent needs a little work. schwab bank was built with all e value and convenience tdd#: 1-800-345-2550 investors want. tdd#: 1-800-345-2550 like no atm fees, worldwide. tdd#: 1-800-345-2550 and no nuisance fees. tdd#: 1-800-345-2550 plus deposit ches with mobile deposit. tdd#: 1-800-345-2550 and manage your cash and investments tdd#: 1-800-345-2550 with schwab's mobile app. tdd#: 1-800-345-2550 no wonder sc
to borrow money to make up the deficit, but only up to a certain limit. that's the debt ceiling. treasury does not make decisions about how the money is spent. they are simply empowered in this case to write the checks to pay the bills that are already incurred by your democratically elected congress. the way you would if you are a little short on your monthly bills. refinancing a little bit. that will get us through maybe mid-february to early march. once that stops working, the treasury needs to rely on the cash that it has on hand and the revenue that comes in from taxes. problem is, there isn't that much cash on hand or enough money coming in on most days to cover the expenses. if there were, we wouldn't have a deficit. let me give you an example. february 15th. i choose that day because that might be the day. might be a little early but it might be the day that we stop being able to mess things around. okay. the federal government on that day will take in an estimated $9 billion in revenues. again, that is mostly taxes. on the same day, $52 million will need to be paid out. we've got
need to do in the u.s. is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to this craziness we see the market reacting in a way you can't anticipate. what would happen to our 401(k) if congress he said they have to get together, i was thinking two words, "good luck." whether they can't do something? >> if they don't raise the debt ceiling and let's say we get debt downgrades, the market has a fit basically and drops as they did in 2011, all our investments will get hit. the stock market will go down as it did in a big way in the summer of 2011. on the other hand, if they extend the limits, the debt ceiling limit and do something more, maybe n
:00 this morning some democrats hold a press conference and say please end the debt ceiling. no more debt ceiling. you don't like that. judge napolitano: what do they mean? the treasury could borrow whatever it wanted by statute and not need an authorization? this would -- it is not constitutional but it would take 180 degrees from the rule of the road before the federal reserve. and the congress had to approve each and every borrower including the amount borrowed, interest paid and identity of the lender. the purchaser of the bond. these people, secretary of the treasury to borrow whatever it wants? stuart: i believe so. i have not heard the wording. judge napolitano: we are marching toward greece even faster than now. stuart: is it for your learning greek? you are laughing. i don't know. judge napolitano: thank you very much. stuart: we will take it. thank you very much. next, the chief of police in a new york town. he is for gun control and when you hear his personal story you may understand why. he is coming up next. stuart: it went up like a rocket and coming down today. we're talking chipot
they will get by giving the debt ceiling increase for that much longer, i will allow them to say to a majority of the american people, this is where they listen. there needs to be cuts in this budget. it's too big, the deficit to my commanding gauges the economy. melissa: they were you are. don't move. i want to talk to you about what kneele just brought up. the debt ceiling debacle and those comments from chuck schumer. all of that after the break. the staggering death toll in the algerian hostage crisis keeps rising. reports say more than 80 people were killed including three americans. now some question why the algerian government acted the way it did. we have details on the latest developments. more "money" coming up. don't go away. look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium br
is that a two month hiatus, which is what they will get by giving the debt ceiling increase for that much longer, i will allow them to say to a majority of the american people, this is where they listen. there needs to be cuts in this budget. it's too big, the deficit to my commanding gauges the economy. melissa: they were you are. don't move. i want to talk to you about what kneele just brought up. the debt ceiling debacle and those comments from chuck schumer. all of that after the break. the staggering death toll in the algerian hostage crisis keeps rising. reports say more than 80 people were killed including three americans. now some question why the algerian government acted the way it did. we have details on the latest developments. more "money" coming up. don't go away. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. mortgage. marrie
, but the democrats now are saying, listen, forget the debt ceiling. let's get rid of that silly little thing. but do we actually need a budget? >> so we're learning that we may finally get a budget for the first time in what, three years? significant, though, because these are just templates. >> i great, they are templates. but letting go at a time when the debt is compounding is worrying. however, having said that, you can get worried about that as a market participant, but as long as the federal reserve has open ended quantitative easing, nothing is going to happen from the long end. >> from a market point of view, we were talking about allen capper about this last hour. but from a market point of view, the best outcome is something that lowers the long-term debt outcome. but we keep get ago worsening of the long-term debt profile and a hit to the near term. that is a mix that markets understandably don't like. >> and as long as the fed is funding the federal authority so cheaply, what's their incentive to fix anything? they don't care about the long-term debt profile. they don't be here when that
are looming. one example the debt creel and controlli -- debt ceiling and what americans describe as out of control spending. republicans take with the attitude toward congress at this point? >> to get real solutions president obama needs to understand what will pass in the republican led house. it will also be acceptable to him. lawmakers tend to be unhappy when the president goes around them. they called on mr. obama to do better. >> he speaks in general terms likes the executive order approach a whole lot better than the legislative approach. you can't get all that foreign with executive order. you have to legislate and you have to legislate realistically. you have to realize you don't control the entire congress. >> republicans don't like that the president is converting his campaign apparatus into a purpose that helped him in his second term. they are thinking that is probably not a good sign in working in a bipartisan fashion. >> one area where they do not agree at all is over the budget. it>> it has been a source of problems when they work on critical issues and budget is a key co
are not hiking the debt ceiling unless you make these cuts now. we have over $16 trillion in debt. we can't afford it. i don't want to have this conversation every couple of months. do your job and barack obama, hold them accountable. >> neil: there is this thing about double treatment that is not quite the same when it comes to blaming republicans for being obstructionists by not wanting to increase the debt ceiling when the media didn't do that when every major democrat, including a then senator barack obama did the same thing seven years ago. >> you can't expect the media to do the job they are supposed to do. they won't hold the republicans and democrats equally accountable. so the g.o.p. needs their own marketing and p.r. team -- >> neil: i think they are running from their own shadow. they need more time to get this set and the prerogatives. but to the president, i'm sure, it sends a message, weak, weak, weak. >> they are under the impression, if they give an inch, the president will say, they are doing their best. this is not how it works. this president compromises when it's in hi
. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they've already racked up. if congressional republicans refuse to pay america's bills on time, social security checks and veterans' benefits will be delayed. we might not be able to pay our troops, or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get their paychecks. investors around the world will ask if the united states of america is, in fact, a safe bet. markets could go haywire. interest rates would spike for anybody who borrows money -- every homeowner with a mortgage, every student with a college loan, every small business owner who wants to grow and hire. it wo
a renewed energy to our country. coming up, will the debt ceiling debate delay your tax refund? next in the president obama has begun his second term by declaring the possibilities are limitless. our political panel takes a look at the next four years. ♪ officemax can help you drive supply costs down... and down. use your maxperks card and get a 10-ream case of officemax multiuse paper for just 4.99 after maxperks rewards. find thousands of big deals now... at officemax. - ♪ 'cause people got me questioning ♪ ♪ where is the love - ma'am. you forgot your purse. - thank you. oh. thank you very much. - a message from the foundation for a beer life. >>> from our fox business stios in new york, here, again, is gerri willis. gerri: well, not wasting a second of the second term, president obama making it clear who is in charge the next four years laying out a bold agenda in the inaugural address. that's how i read it. with more, maryann marsh, a democratic strategist, and rich lawry, editor of "the national review. " whato you think of the speech? >> audacious. one, it was an unabas
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